CLOSING BELL
The BSE Sensex and NSE Nifty ended in red on Wednesday on account selling in power, IT and select FMCG counters. Market sentiments remained down beat after wholesale inflation soared to a 23-month high of 3.55 per cent in July. Weak global cues further affected market sentiments on the domestic front. Sensex closed 59.24 points down at 28,005.37, while Nifty 50 index settled 18.50 points lower at 8,624.05.
In the 50-share index, Adani Ports, TCS, Tech Mahindra, Power Grid and Infosys dipped between 1.64 per cent and 2.92 per cent. On the other hand, Tata Steel, Coal India, Aurobindo Pharma, Bajaj Auto and Hero MotoCorp gained between 2 per cent and 3.14 per cent.
Asian peers closed mostly lower on Wednesday. Hang Seng and Shanghai settled lower by 0.48 per cent and 0.02 per cent. However, Nikkei closed up by 0.90 per cent.
3.06 pm: Reliance Communications shares jumped over 3 per cent after it informed bourses that it has introduced Next-Gen App-To-App Calling in the India and worldwide, launching the ‘Calling Ka Naya Tareeka’ offer for existing and new customers. In a release Reliance Communications said, “With ‘Calling Ka Naya Tareeka’, customers will experience significantly better app-to-app voice calls with high-definition (HD) quality and instant connections. Further, RCOM’s 4G LTE network in the 850- MHz spectrum band-considered worldwide as the most optimal frequency for Next-Gen voice and data services- will provide an unparalleled user experience.”
3.00 pm: Radico Khaitan reported 25.25 per cent rise in net profit at Rs 21.53 crore for the quarter ended June 30, 2016 against Rs 17.19 crore in the corresponding quarter a year ago.
2.36 pm: Sensex was down 101 points at 27,964. Nifty was trading 36.35 points down at 8,606. Radico Khaitan shares jumped over 4 per cent post Q1 results.
2.21 pm: Delta Magnets shares jumped over 4 per cent after it announced that the company’s wholly owned foreign subsidiary – MagDev, UK, has acquired 100 per cent stake of Pilamec, UK, which offer a wide range of chemicals, metals and ceramic products.
1.31 pm: Sensex was trading 82.37 points down at 27982. Nifty was down 27.35 points at 8,615. JSW Steel has completed the acquisition of the entire 74 per cent stake of Praxair India in JSW Praxair Oxygen (JPOPL), for a cash consideration of Rs 240 crore. Post the aforesaid acquisition, JPOPL has become a wholly owned subsidiary of the company. Shares of the company were trading 0.65 per cent up at Rs 1,760.05.
12.47 pm: Bajaj Auto shares hit their new all-time high of Rs 2,948 in the morning trade. The scrip was trading 1.69 per cent up at Rs 2,924.20 in the afternoon trade. Benchmark BSE Sensex was trading 14.34 points up at 28,078. However, Nifty was trading 2.30 points down at 8,640. Read more: Bajaj Auto shares hit new all-time high; should you buy?
12.19 pm: United Breweries has registered 20.40 per cent rise in its net profit at Rs 147.06 crore for the quarter ended June 30, 2016 as compared to Rs 122.14 crore for the same quarter in the previous year. Shares of the company were trading 1.14 per cent up at Rs 805.15. Benchmark Sensex was trading 53.89 points up at 28118. Nifty was up 7.10 points at 8,649.
12.12 pm: Sensex was trading 35.78 points up at 28,100. Hero MotoCorp was trading 3.44 per cent up at Rs 3,404.
10.58 am: Suzlon Group, one of the leading renewable energy solutions providers in the world, has been issued repeat order from ReNew Power Ventures, India’s leading renewable energy Independent Power Producer. The order comprises 48 units of S97 120m Hybrid Tower and 15 units of S97 90m tubular tower with a rated capacity of 2.1 MW each. The project is capable of providing power to over 70,000 households and reducing 0.28 million tonnes of CO2 emissions per annum. Shares of Suzlon Energy were trading 1.22 per cent up at Rs 16.65.
Read more: RBL Bank IPO to hit markets on August 19; 10 things to know before investing
10.38 am: In the 50-share index, Hero MotoCorp, Coal India, Grasim, Bajaj Auto and Tata Steel were up between 1.84 per cent and 3.45 per cent. On the other hand, TCS, UltraTech Cement, ICICI Bank, Infosys and ACC were down between 1.06 per cent and 1.38 per cent.
9.53 am: Shares of InterGlobe Aviation surged over 3 per cent in the early trade after Citi upgrades stocks to ‘Buy’ from ‘Neutral’ with a target price of Rs 1,100. BSE Sensex was up 17.75 points at 28,082.
9.19 am: Tree House Education shares surged 18 per cent in the early trade after the board of directors of Tree House Education and Accessories have approved the revised scheme of amalgamation with Zee Learn, which also includes appointed date and share exchange ratio. Read more
9.15 am: Sensex opened 2.82 points down at 28061.79, while Nifty opened 2.75 points down at 8,639.80. Just Dial shares were trading 1.67 per cent down at Rs 478 post Q1 results.
Domestic benchmark indices BSE Sensex and NSE Nifty are likely to open in red on Wednesday tracking SGX Nifty and mixed global cues. At 7.49 am (IST), SGX Nifty was down 26.50 points, or 0.31 per cent, at 8,634.50. Asian peers Hang Seng and Nikkei 225 were trading higher by 0.44 per cent and 0.65 per cent, respectively, in the morning trade. However, Shanghai Composite index was down by 0.16 per cent.
On Wall Street, Dow Jones Industrial Average index settled 84.03 points, or 0.45 per cent, down at to 18,552.02, the S&P 500 index slid by 12 points, or 0.55 per cent, to 2,178.15 and the Nasdaq Composite declined 34.90 points, or 0.66 per cent, to 5,227.11 on Tuesday.
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Back home, the BSE Sensex closed 87.79 points down at 28,064.61 on Tuesday on account of selling in frontline blue chip stocks after the factory output growth slowed down to 2.1 per cent in June and inflation hits two-year high.
Shares of Just Dial, Sun Pharma, InterGlobe Aviation and Nila Infrastructure will remain in focus on Wednesday. Just Dial reported 7.98 per cent rise in net profit at Rs 38.93 crore for the quarter ended June 30, 2016 against Rs 36.05 crore in the corresponding quarter a year ago.
Nila Infrastructure has entered into an EPC contract for Rs 87.46 crore with Engineering Projects for construction of the medical college campus and residence at Barmer, Rajasthan.
Citi upgrades Interglobe Aviation (IndiGo) shares with a target price of Rs 1,100
Sun Pharmaceutical on Tuesday said Virtuous Finance, part of the promoter group has pledged one crore shares of the company amounting to 0.42 per cent stake to State Bank of India.